The investiture lecture of ICAN Lagelu & District Society of ICAN, a part of week long activities to mark the investiture of Elder Patterson Ariemuduigho, FCA as the 2nd Chairman of the District was held yesterday, Wednesday 22nd July, 2026 at UI Hotels, University of Ibadan.
The program was witnessed by eminent dignitaries from all walks of life including the President of a Multidisciplinary Finance Professionals Group (MFP), Dr Prince Oyebade Oyedepo, FCA, JP, seasoned professionals, erudite scholars, captains of industry, government functionaries, opinion moulders and leaders of thought.
The event featured other arrays of distinguished members of the Accountancy Profession including the incoming Chairman of Lagelu & District Society of ICAN, Elder Patterson Ariemuduigho, FCA, Vice Chairman, Dr Yemi Odebunmi, FCA, SWAN Rep, Mrs Folasade Ayo-Kumuyi, FCA, Mr Oyeyemi Hezekiah, FCA, Mr Eyitayo Sulaiman, FCA, Mr Damilola Osuntubo, FCA, Mrs Mojisola Fasola, FCA, Alhaji Ismaila Gbadamosi, FCA, Mr Alex Akinsola, FCA, Mr Moses Ogundele, FCA, Baker Tilly Nigeria staff, fellow and associates members of ICAN, other professionals, lecturers and students, and members of the Press.
Dr Prince Oyebade Oyedepo eulogized Lagelu & District Society for holding a lecture as part of the investiture program. According to him, it is a means of imparting the society positively as no nation can develop beyond the knowledge of the citizens. In his words, “the lecture of today will help to advance the knowledge of the participants which will be useful to the nation. It will also be read and heard by those who are not here physically but will come across it in the social media, radio and print media. That is why lecture should be emphasized in any program”.
The MFP top brass commended Lagelu & District for their sharp publicity which has brought the district to limelight within the short period of establishment.
The Guest Speaker at the event is Professor Olayinka Adenikinju, FCA, the Provost of College of Management and Social Sciences, Bowen University, Iwo who delivered a thought provoking lecture titled, Accounting: The Compass for Economic Navigation in Turbulent Times.
Highlights of the paper are;
i. Accounting is essential during economic uncertainty
The speaker emphasized that in periods of inflation, exchange rate volatility, economic reforms, and global instability, accounting serves as a reliable guide for governments, businesses, investors, and other stakeholders by providing accurate financial information for decision-making.
ii. Accounting functions as the compass for economic decision-making
The speaker compared accounting to a compass that provides direction during turbulent times. It stressed that accounting measures economic realities, communicates financial information, and supports informed decisions that promote accountability and sustainable development.
iii. High-quality accounting information strengthens economic growth.
Reliable accounting information enables governments to formulate sound policies, businesses to allocate resources effectively, investors to assess risks accurately, and citizens to hold leaders accountable. Without credible financial reporting, economic planning becomes ineffective.
iv. Integrity and corporate governance are fundamental to the accounting profession
Drawing lessons from global corporate failures such as Enron and Wirecard, as well as Nigeria’s Cadbury scandal and the 2009 banking crisis, the speaker noted that weak ethical standards, poor governance, and manipulated financial reports often contribute to corporate collapse. Professional ethics and transparency remain indispensable.
v. Nigeria’s economic reforms require strong accounting systems.
The speaker highlighted that reforms such as fuel subsidy removal, exchange rate liberalisation, fiscal reforms, and the 2026 tax reforms can only achieve their intended objectives when supported by transparent financial reporting, prudent public financial management, and accurate accounting information.
vi. Accounting plays a critical role in public sector accountability
Transparent accounting promotes responsible management of public funds, strengthens fiscal discipline, improves service delivery, reduces corruption, and enhances public confidence in government institutions. The adoption of international public sector accounting standards was identified as an important step toward greater accountability.
vii. The role of accountants has expanded beyond bookkeeping
Modern accountants now serve as strategic advisers, risk managers, governance professionals, forensic investigators, technology experts, and sustainability advisers. The profession has evolved from simply recording financial transactions to supporting strategic organisational leadership.
viii. Technology is transforming accounting practice
Emerging technologies such as Artificial Intelligence, blockchain, cloud computing, machine learning, and data analytics are reshaping the profession. However, the speaker maintained that technology cannot replace professional judgement, ethical responsibility, or integrity. Accountants must therefore combine technical competence with digital skills.
ix. Ethics remains the foundation of the profession
The speaker described integrity as the “true north” of accounting, stressing that ethical conduct builds trust, supports investment, strengthens markets, and contributes to national economic development. Every accountant has a responsibility to protect the public interest through honest financial reporting.
Professor Olayinka Adenikinju, FCA made the following recommendations;
i. Strengthen Ethical Standards and Professional Integrity
Accounting professionals should continue to uphold the highest ethical standards by maintaining independence, objectivity, and transparency in financial reporting. Regulatory bodies should also enforce strict sanctions against financial misrepresentation, fraud, and unethical practices to sustain public confidence in the profession.
ii. Promote Continuous Professional Development
Accountants should regularly update their knowledge through continuous professional education, particularly in emerging areas such as digital accounting, sustainability reporting, forensic accounting, and data analytics, to remain relevant in a rapidly changing business environment.
iii. Accelerate Digital Transformation in Accounting
Organisations should invest in modern accounting technologies, including Artificial Intelligence (AI), cloud computing, blockchain, and automated accounting systems, while ensuring that professionals acquire the digital competencies required to use these technologies effectively.
iv. Improve Corporate Governance Practices
Companies should strengthen their corporate governance structures by enhancing board oversight, internal controls, audit independence, and risk management systems. Strong governance will reduce the likelihood of financial scandals and improve the quality of financial reporting.
v. Enhance Public Sector Financial Accountability
Governments at all levels should continue to improve transparency in the management of public resources through full implementation of International Public Sector Accounting Standards (IPSAS), timely financial reporting, effective auditing, and stronger monitoring of public expenditure.
vi. Support Effective Implementation of Economic and Tax Reforms
Government agencies, professional bodies, and accountants should work together to ensure the successful implementation of ongoing tax and fiscal reforms by providing adequate taxpayer education, improving compliance systems, and strengthening financial reporting frameworks.
vii. Encourage Sustainability Reporting
Organisations should integrate environmental, social, and governance (ESG) reporting into their financial reporting processes. This will improve corporate transparency, meet investors’ expectations, and support sustainable economic development.
viii. Strengthen Capacity Building for Small and Medium Enterprises (SMEs)
Professional accounting bodies should establish advisory and bookkeeping support programmes for SMEs to improve financial record-keeping, regulatory compliance, and access to finance, thereby enhancing business sustainability and economic growth.
ix. Develop the Next Generation of Accounting Professionals
Structured mentorship programmes should be expanded to help young accountants develop technical competence, ethical values, leadership skills, and professional confidence needed to meet future challenges.
x. Strengthen Collaboration Between Government, Academia, and Professional Bodies
Greater collaboration among policymakers, educational institutions, regulators, and professional accounting bodies should be encouraged to improve accounting education, promote research, influence policy development, and ensure that accounting practices continue to support national economic development.
The incoming Chairman of the District, Elder Patterson Ariemuduigho gave some remarks in his welcome address. He mentioned that Accountants and Auditors as well as other practitioners should prepare themselves by upscaling their skills in terms of capacity building and technological development for Sustainability Accounting and Assurance revolution which is a very lucrative source of revenue.
According to him, the weeklong investiture program took off this week Monday with a press conference held on 18th July, 2026 followed by the lecture held today, 22nd July 2026. Other activities lined up for the event are; a courtesy visit to the National Youth Service Corps (NYSC), Oyo State Coordinator, on Thursday, 23rd July, 2026, Jumat service at Oyo State Secretariat Central Mosque and the grand finale on Saturday, 25th July, 2026 at Aweni House, Oke Ado, Ibadan.
Ariemuduigho mentioned that a Thanksgiving Service will be held at the New Covenant Church, Onireke, Ibadan on Sunday, 26th July, 2026. The 62nd President of ICAN, Hajia Queensley Soforatu Seghosime, MSc, mni, FCA is expected as the Special Guest of Honour at the investiture and swearing in ceremony on Saturday. The Chairman of the Program is going to be Chief (Dr) Anthony Aletor, CON, mni, JP, Chairman of Capital Express Holdings Limited.
The event will be graced by some revered Council members including the visioner of the District, Mr Abiodun Adedeji, FCA, MFP President, Dr Prince Oyebade Oyedepo, FCA, JP, Patrons of the District, Fathers of the District, Zonal Executives of ICAN, Past Chairmen of ICAN from District Societies, Chairmen of District societies across the length and breadth of the Country, Other Professionals, family members, associates and colleagues of the incoming Chairman and other EXCO members.
